Hello everyone, as we all know the market action discounts everything :)
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The XRP price has jumped in the last few days more than 65.43% where we see the price moving from the 0.81479 range to the 1.34375, And the market is showing a lot of bullish signs which could be the push that the ripple needs to go back to where it was last year.
Looking at the chart we can see 2 different scenarios on how the market could move in the next few days :
Scenario 1 :
The XRP price is reaching the first resistance line at 1.37087 if the bulls were able to keep control over the price then a breakout will happen and we will see the price rising even more and it is gonna be headed to the second resistance line at 1.45986 but with a strong push from the Bulls, this could be the push that the Ripple needs to go even further and go back to the range 1.61046.
Scenario 2 :
The XRP is trading close to the first resistance line at 1.37087 where The Bears will be tested, If the bears were able to gain back control over the market action then we could be seeing a drop in price from 1.37 to the edges of the first support line at 1.13180, and that's where a battle will happen between the Bears and the Bulls over control of the market again.
Technical indicators showing this :
1) The XRP Market Price is trending above the 5 10 20 50 100 and 200 MA and EMA (Strong Bullish Sign)
2) The MACD is above the 0 line showing that the market is in a Bullish state, with a positive crossover between the MACD line and the Signal line.
3) The ADX is at 41.70 showing the market is currently trending, With a positive crossover between DI+ (46.52) and DI- (4.76)
Support & Resistance points :
support Resistance
1) 1.13180 1) 1.37087
2) 0.98172 2) 1.45986
3) 0.89273 3) 1.60994
Fundamental point of view :
XRP’s parent company, Ripple was tangled in lawsuit troubles ever since the SEC (the Securities and Exchange Commission) opened up a case against the global payments company. It accused Ripple of offering unregistered securities up to the amount of $1.3 billion, starting in 2013. The dispute, which began in December last year, has really ended up nowhere but has done much to damage XRP’s reputation. In spite of this, its market cap has risen to levels where Ripple can just pay up tokens to settle.
However, one reason why Ripple needs to follow through with the lawsuit has been because of its biggest competitor, SWIFT. The Society for Worldwide Interbank Financial Telecommunication does large-scale transactions across 11,000 financial institutions in more than 200 countries. In order to combat that, Ripple needs to make sure global banks, treasuries, etc., want to work with it. Resolving the case and attaining a compliant status with regulators is the only way. According to Coin Quora
This is my personal opinion done with technical analysis of the market price and research online from fundamental analysts for The Fundamental point of view, not financial advice.
If you have any questions please ask and have a great day !!
Thank you for reading.
_________________________________Make sure to Like and Follow if you like the idea_________________________________
The XRP price has jumped in the last few days more than 65.43% where we see the price moving from the 0.81479 range to the 1.34375, And the market is showing a lot of bullish signs which could be the push that the ripple needs to go back to where it was last year.
Looking at the chart we can see 2 different scenarios on how the market could move in the next few days :
Scenario 1 :
The XRP price is reaching the first resistance line at 1.37087 if the bulls were able to keep control over the price then a breakout will happen and we will see the price rising even more and it is gonna be headed to the second resistance line at 1.45986 but with a strong push from the Bulls, this could be the push that the Ripple needs to go even further and go back to the range 1.61046.
Scenario 2 :
The XRP is trading close to the first resistance line at 1.37087 where The Bears will be tested, If the bears were able to gain back control over the market action then we could be seeing a drop in price from 1.37 to the edges of the first support line at 1.13180, and that's where a battle will happen between the Bears and the Bulls over control of the market again.
Technical indicators showing this :
1) The XRP Market Price is trending above the 5 10 20 50 100 and 200 MA and EMA (Strong Bullish Sign)
2) The MACD is above the 0 line showing that the market is in a Bullish state, with a positive crossover between the MACD line and the Signal line.
3) The ADX is at 41.70 showing the market is currently trending, With a positive crossover between DI+ (46.52) and DI- (4.76)
Support & Resistance points :
support Resistance
1) 1.13180 1) 1.37087
2) 0.98172 2) 1.45986
3) 0.89273 3) 1.60994
Fundamental point of view :
XRP’s parent company, Ripple was tangled in lawsuit troubles ever since the SEC (the Securities and Exchange Commission) opened up a case against the global payments company. It accused Ripple of offering unregistered securities up to the amount of $1.3 billion, starting in 2013. The dispute, which began in December last year, has really ended up nowhere but has done much to damage XRP’s reputation. In spite of this, its market cap has risen to levels where Ripple can just pay up tokens to settle.
However, one reason why Ripple needs to follow through with the lawsuit has been because of its biggest competitor, SWIFT. The Society for Worldwide Interbank Financial Telecommunication does large-scale transactions across 11,000 financial institutions in more than 200 countries. In order to combat that, Ripple needs to make sure global banks, treasuries, etc., want to work with it. Resolving the case and attaining a compliant status with regulators is the only way. According to Coin Quora
This is my personal opinion done with technical analysis of the market price and research online from fundamental analysts for The Fundamental point of view, not financial advice.
If you have any questions please ask and have a great day !!
Thank you for reading.